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Hold Mahanagar Gas; target of Rs 1000: ICICI Direct

ICICI Direct's research report on Mahanagar Gas

Mahanagar Gas (MGL) is a city gas distribution company and operates in Mumbai, its adjoining areas and Raigad district, Maharashtra. CNG sales contribute more than 70% of its total sales volume • It has historically reported high gross margins and return ratios.

Outlook

We retain our HOLD rating on the stock. We value MGL at Rs 1000 i.e. ~12.5x P/E on FY24E EPS.

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